March 18, 2008

Net: -$50
LFT: $102

Been trading small for this week leading up to the Fed, had a string of bad luck, bad trades, and bad losses last week. The old strat wasn’t worth shit anymore.  So far I’m trading without a system, just discretionary scalping and some trend following.

FED day wasn’t very eventful, market dropped a bit on the announcement, shook out the shorts with a high bounce, then continued down harder. Market then got supported a few levels down then started trending up.

I underestimated the trend up and that’s what killed me today.

What went right:

Shorted the low following the reversal candle of AA. What a pity I took it at 39.05. it went to as low as 37.60 bounced to around 38.40.

Another trade that reinforces me to SIT on my profits longer.

What went wrong:

Shorted BA at the start of the 5EMA21, which was very near 15EMA21. My first average was way after 15EMA21 and even then I couldn’t get a decent pullback to my average price. Looks like the EMA Fading system is gonna have to go…



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